The Central Bank of Nigeria (CBN) has instructed all Payment Service Providers to ensure that all transactions from point-of-sale (PoS) terminals at merchant and agent locations, whether physical or electronic, are processed through an authorized Payment Terminal Service Aggregator.
This directive was announced on Thursday in a circular signed by Oladimeji Yisa Taiwo, representing the CBN’s Payments System Management Department.
The CBN has set a 30-day deadline for service providers to adhere to the new routing guidelines for PoS transactions.
The bank stated that this initiative is designed to enhance the oversight of electronic transactions throughout Nigeria and to decentralize the routing of PoS transactions, addressing issues related to the concentration of such transactions under a single entity.
The circular stated, “…The CBN he…
